New Mexico Administrative Code
Title 2 - PUBLIC FINANCE
Chapter 60 - INVESTMENT AND DEPOSIT OF PUBLIC FUNDS
Part 24 - RULES AND REGULATIONS OF THE NEW MEXICO STATE INVESTMENT COUNCIL PERTAINING TO THE THIRD SEVERENCE TAX PERMANENT FUND SINGLE FAMILY MORTGAGE POOLING PROGRAM
Section 2.60.24.8 - REQUIREMENTS FOR MORTGAGE LENDERS
Current through Register Vol. 35, No. 18, September 24, 2024
A mortgage lender which desires to participate in the STM program shall meet the following criteria:
A. If a commercial bank, its deposits must be insured by FDIC; if a savings institution, its deposits must be insured by FSLIC; and if a credit union, its deposits must be insured by NCUAB.
B. A mortgage lender must be approved by the FHA and VA to make FHA or VA loans.
C. A mortgage lender must demonstrate experience or expertise as determined by the authority in selling mortgage loans in the secondary market.
D. A mortgage lender must have a net worth of at least $250,000, and
E. A mortgage lender originating mortgage loans for the STM program must have its principal office in the state, and be authorized to initiate mortgages in the state.
